A French Agtech startup, OKP4, is using IOTA’s “Tangle technology” to obtain and exchange information on temperature and yields of farms. OKP4, abbreviated as Open Knowledge Platform For…, aims to use an open-source platform in the agricultural sector as an information hub, while exchanging data with sensors placed in fields.
Using a decentralised open-source protocol to exchange data and virtual money, the startup is trying to encourage the collation of agricultural big data independently, without having to contact a third person. IOTA enables this since it consumes low energy for the exchange of information, something which is advantageous for farmers.
As reported by a French news daily, Co-founder and CEO of OKP4, Fabrice Francioli said,
“IOTA will allow us to multiply connections to other systems and move from data economy to knowledge-based economy. With the utility of tokens of cryptocurrency associated with IOTA, we can reward farmers according to the information that bring to the entire community.”
In the middle of partnerships such as these, IOTA saw a price rise of 6.71% over the last 24 hours, putting the price at $0.38. IOTA is ranked 16th with a market cap of $1 billion.